The ratio is totally a personal decision. I would suggest you could start with a mix of 1 part paint to 8 parts dilution (water for latex and paint thinner for oil-base). You should test this on a similar scrap piece of wood and you can play with this ratio and/or apply more than one coat to get the look you want.
I've used everything from 1 to 1 all the way down to 1 to 10. Have fun and if you can send in a picture of your finished piece along with the ratio you went with I'd appreciate seeing it.
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